Ellington Management Group LLC Invests $1.07 Million in AbbVie Inc. (ABBV)

Ellington Management Group LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 11,100 shares of the company’s stock, valued at approximately $1,073,000.

Several other institutional investors also recently made changes to their positions in ABBV. Truewealth LLC bought a new stake in AbbVie during the 4th quarter worth approximately $126,000. Delpha Capital Management LLC bought a new stake in AbbVie during the 4th quarter worth approximately $131,000. Virtue Capital Management LLC bought a new stake in AbbVie during the 4th quarter worth approximately $139,000. Trustcore Financial Services LLC bought a new stake in AbbVie during the 4th quarter worth approximately $148,000. Finally, Acropolis Investment Management LLC grew its holdings in AbbVie by 68.3% during the 4th quarter. Acropolis Investment Management LLC now owns 1,855 shares of the company’s stock worth $179,000 after acquiring an additional 753 shares during the last quarter. 70.30% of the stock is currently owned by institutional investors.

NYSE:ABBV opened at $105.32 on Friday. The company has a debt-to-equity ratio of 8.70, a quick ratio of 1.10 and a current ratio of 1.20. AbbVie Inc. has a 52 week low of $104.20 and a 52 week high of $104.97. The firm has a market capitalization of $166.69 billion, a PE ratio of 18.81, a PEG ratio of 0.99 and a beta of 1.59.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, April 26th. The company reported $1.87 EPS for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.08. AbbVie had a net margin of 21.55% and a return on equity of 186.47%. The company had revenue of $7.93 billion for the quarter, compared to analyst estimates of $7.60 billion. During the same period in the prior year, the firm posted $1.28 EPS. The company’s quarterly revenue was up 21.4% on a year-over-year basis. equities research analysts forecast that AbbVie Inc. will post 7.8 earnings per share for the current year.

AbbVie declared that its board has initiated a share buyback plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

In related news, EVP Carlos Alban sold 83,574 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the transaction, the executive vice president now owns 133,026 shares in the company, valued at approximately $15,230,146.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert A. Michael sold 4,294 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $119.43, for a total transaction of $512,832.42. Following the transaction, the vice president now owns 11,170 shares in the company, valued at approximately $1,334,033.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,197 shares of company stock worth $24,585,575. Insiders own 0.07% of the company’s stock.

A number of equities research analysts have weighed in on the stock. BMO Capital Markets reissued a “sell” rating and set a $81.00 target price on shares of AbbVie in a report on Tuesday, May 1st. Credit Suisse Group set a $109.00 target price on shares of AbbVie and gave the stock a “hold” rating in a report on Tuesday, April 10th. Jefferies Group set a $122.00 target price on shares of AbbVie and gave the stock a “buy” rating in a report on Friday, April 13th. Evercore ISI reissued a “buy” rating and set a $144.00 target price on shares of AbbVie in a report on Monday, January 29th. Finally, Barclays reduced their target price on shares of AbbVie from $120.00 to $102.00 and set an “equal weight” rating on the stock in a report on Thursday, April 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $116.38.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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